Contract-based pension providers could be required to nudge savers to book Pension Wise appointments before accessing their savings.
Here it is, our monthly digest of the most important pension articles Professional Pensions has written and published over the last month, along with some contextual notes.
This week’s top stories included more details of PensionBee’s initial public offering and Just Group’s criticism of the effects of freezing the money purchase annual allowance.
The freeze in the money purchase annual allowance (MPAA) is set to “squeeze many more basic rate taxpayers”, according to Just Group.
A high proportion of savers are not taking an interest in their pension, which could have a “disproportionate impact” on women whose lower value pensions make them “more vulnerable to poor choices”, according to the Financial Conduct Authority (FCA)....
This week’s top stories include Axa’s deferred longevity swap with Hannover Re, and Capita’s restructuring plans for simplifying the business.
Just Group completed 23 buy-in and buyout transactions at a total volume of £1.5bn over the course of 2020, according to its annual results.
Just's Hub Financial Solutions launches retirement advice service; Offering selected by Mercer for UK corporate clients
Hub Financial Solutions, the corporate solutions and advice business of Just Group, has formally launched an automated retirement advice service in a bid to offer a personalised offering to retirees.
Pensions minister writes to schemes for scam support; regulators and trade bodies push for legislative change
The increase in financial scams during the last 12 months has promoted calls from all corners of the pensions industry for better support for savers.
Those who could benefit most from Pension Wise guidance are most likely to miss out on it, according to Just Group analysis of Financial Conduct Authority (FCA) research.
Pension Wise is delivering double the number of appointments to pension savers in some regions of the UK than in others, a freedom of information request submitted to the Money and Pensions Service (Maps) reveals.
This week’s top stories included the launch of Scottish Widows’ ESG exclusions policy, while Deloitte acquired the admin and actuarial business of Kerr Henderson.
The Baker Hughes (UK) Pension Plan has secured approximately £100m of liabilities through a buy-in with Just Group.
Simpler retirement ‘wake-up packs’ are not encouraging pension savers to take up free guidance, according to the Financial Conduct Authority (FCA).
Just Group has completed a £340m buy-in with the Ibstock Pension Scheme in the insurer’s largest ever bulk annuity transaction.
Just Group has launched its inaugural green bond, raising £250m and becoming the first UK insurer to launch such an asset.
Savers accessing defined contribution (DC) pension pots for the first time rose to an all-time high just before the coronavirus pandemic, Just Group says.
Just Group completed £460.3m of bulk annuity deals in the six months to 30 June, its half-year results have revealed.
The Premaberg Holdings Limited Retirement Benefits Plan has agreed a £5m buy-in transaction with Just Group.
The Leonardo Electronic Pension Scheme has concluded a £160m pensioner buy-in with Just Group in the scheme’s first risk transfer exercise.
The NG Bailey Scheme has agreed two pensioner buy-ins worth £66m with Just Group with support from K3 Advisory.
Another £1.2bn of defined benefit (DB) scheme liabilities were insured by Just Group last year, according to its preliminary full-year results.
The Financial Conduct Authority (FCA) revealed unsuitable transfers out of defined benefit (DB) schemes could result in collective losses of up to £20bn worth of guarantees over five years.
Just Group is exploring a defined benefit (DB) de-risking partnering approach as part of the development of a capital light fee business, according to its half-year results.